Amazon’s headline refers to its first quarter of 2024, ended March 31 and announced April 30, 2024—not to current 2026 results. Net sales reached $143.313 billion, up from $127.358 billion a year earlier. That is a $15.955 billion increase, or approximately 12.5%, conventionally rounded to 13%. Profit grew much faster: operating income rose from $4.774 billion to $15.307 billion, while net income increased from $3.172 billion to $10.431 billion.
The Q1 2024 numbers at a glance
Amazon’s consolidated statements show both stronger sales and a sharp improvement in profitability.
| Metric | Q1 2023 | Q1 2024 | Year-over-year change |
|---|---|---|---|
| Net product sales | $56.981 billion | $60.915 billion | Approximately 7% |
| Net service sales | $70.377 billion | $82.398 billion | Approximately 17% |
| Total net sales | $127.358 billion | $143.313 billion | Approximately 13% |
| Operating income | $4.774 billion | $15.307 billion | More than tripled |
| Net income | $3.172 billion | $10.431 billion | More than tripled |
| AWS sales | $21.354 billion | $25.037 billion | Approximately 17% |
| AWS operating income | $5.123 billion | $9.421 billion | Approximately 84% |
| Advertising services | $9.509 billion | $11.820 billion | Approximately 24% |
| Subscription services | $9.655 billion | $10.724 billion | Approximately 11% |
The figures come from Amazon’s Q1 2024 earnings exhibit. Amazon filed its Form 10-Q for the quarter on May 1, 2024; the filing covers the three months ended March 31, 2024.
Why “13 percent” is a rounded figure
The headline compares $143.313 billion in Q1 2024 with $127.358 billion in Q1 2023. Subtracting the two produces a $15.955 billion increase. Dividing that increase by the prior-year figure gives approximately 12.5%, which rounds to 13% when expressed as a whole number. “Revenue” and “net sales” refer to the same consolidated top-line measure here; Amazon’s filing labels it net sales.
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Profit improved far more than sales
Amazon’s most consequential change was below the top line. Operating income more than tripled to $15.307 billion, and net income more than tripled to $10.431 billion. In other words, the quarter was not merely a story of selling more goods and services. The reported figures indicate materially better operating leverage and cost discipline, although the statements alone do not assign the improvement to one specific action such as layoffs or fulfillment restructuring.
Operating income measures the performance of Amazon’s operating businesses before interest, taxes and other non-operating items. Net income is the final profit figure after those items, so the two measures can move differently.
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AWS supplied disproportionate operating profit
AWS generated $25.037 billion of sales, up approximately 17% year over year. Its operating income rose from $5.123 billion to $9.421 billion, an increase of about 84%. That means AWS represented a much larger share of Amazon’s operating profit than of consolidated sales.
A quarterly sales figure of $25.037 billion implies an approximately $100 billion annualized revenue run rate if repeated for four quarters. That is an extrapolation, not audited annual revenue.
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Amazon CEO Andy Jassy attributed improving AWS growth to renewed infrastructure-modernization spending and demand for artificial-intelligence capabilities. Those are management’s explanations, not a financial-table measurement that isolates the contribution of AI. The original management commentary is reported by Thurrott.
Advertising grew quickly, but revenue is not profit
Advertising services revenue climbed 24% to $11.820 billion. Amazon can monetize commercial intent across its retail marketplace, product-search placements, Prime Video and other digital properties, making advertising an increasingly important business alongside retail and cloud computing.
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Amazon’s quarterly table reports advertising revenue, not a standalone advertising operating-profit figure. Therefore, the 24% increase should not be presented as a measured 24% increase in advertising profit or as proof of a specific margin.
Marketplace services grew faster than first-party online stores
Amazon reported the following revenue lines:
| Business line | Q1 2024 revenue | Year-over-year change |
|---|---|---|
| Online stores | $54.7 billion | 7% |
| Third-party seller services | Approximately $34.6 billion | 16% |
| Subscription services | $10.7 billion | 11% |
| Physical stores | Approximately $5.2 billion | 6% |
| Other | Approximately $1.4 billion | 1% |
Third-party seller services are Amazon’s commissions and related fees from merchants using its marketplace. The $34.6 billion is therefore Amazon’s fee-related revenue, not the gross value of every product sold by those merchants. The faster growth of this line than online-store revenue underscores the expanding role of Amazon’s marketplace ecosystem.
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How Rivian affected net income
Amazon’s results included an approximately $2 billion non-operating loss related to its investment in Rivian Automotive, according to contemporary coverage. Because the loss was below operating income, it reduced net income without representing a $2 billion deterioration in Amazon’s retail, cloud or advertising operations.
This is why both measures matter: operating income shows the performance of the operating businesses, while net income includes investment gains and losses and other items outside those operations.
What the quarter established—and what it did not
Established by the reported figures
- Consolidated net sales grew approximately 13% year over year.
- Operating income and net income expanded much faster than sales.
- AWS sales grew approximately 17%, while AWS operating income rose approximately 84%.
- Advertising services grew 24% to $11.820 billion.
- Third-party seller-services revenue grew faster than online-store revenue.
Not separately established
- Amazon did not provide a precise standalone generative-AI revenue figure in the cited quarterly tables.
- The filing does not isolate how much of AWS growth came from AI workloads.
- The available table does not provide advertising’s standalone operating profit.
- A quarterly AWS run rate is not the same as reported full-year revenue.
Amazon said generative-AI revenue was already at a multibillion-dollar run rate, but that statement is management commentary rather than a separately audited line item. It supports the importance Amazon assigned to AI demand without proving that AI alone caused the quarter’s growth.
How to read this result as an investor
A sound assessment combines the top line with profitability and business mix:
Quick Recap
- Check growth breadth: AWS, advertising and marketplace services all grew faster than consolidated sales, while online stores still increased.
- Check operating leverage: The much faster rise in operating income suggests improved efficiency, not just higher volume.
- Watch AWS durability: Future results would need to show whether cloud growth and margins remain elevated as AI infrastructure investment increases.
- Track advertising and retail margins: Advertising growth can improve the mix, but Amazon does not report a standalone advertising profit figure in this release.
- Separate operating and non-operating effects: Items such as the Rivian investment loss can materially change net income without changing operating performance.
- Keep the date in view: These are historical Q1 2024 results, not a measure of Amazon’s revenue as of 2026.
Source documents
- Amazon Q1 2024 earnings tables
- Amazon Form 10-Q for the quarter ended March 31, 2024
- SEC filing detail
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